In the media
Address to the 2015 Annual Stockbrokers Conference,
Hilton Sydney by the Hon. Josh Frydenberg MP on "The
Government's financial system reform
priorities"
GOVERNMENT – 29 May 2015 – Speech by Josh Frydenberg.
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Australia ranks seventh in retirement
readiness
MEDIA – 28 May 2015 – Australia ranks seventh in the
world for how well individuals are prepared for retirement,
according to an Aegon survey released on Wednesday.
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FSI panelist questions 'sole purpose'
test
MEDIA – 28 May 2015 – Super funds will soon surpass
their 'sole purpose' of funding retirement in order to
provide healthcare, aged care and lending services to members,
predicts a Financial System Inquiry (FSI)
panellist.
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FOFA among top 20 global regulatory
nightmares
MEDIA – 28 May 2015 – The Future of Financial Advice
(FOFA) reform is one of the 20 most challenging
pieces of regulation globally, according to a survey of 600
compliance professionals across the world. More...
APRA has released a discussion paper on the publication
of annual superannuation statistics
APRA – 28 May 2015 – The Australian Prudential
Regulation Authority (APRA) today released a
discussion paper on proposed changes to its annual superannuation
statistical publications and confidentiality of superannuation
data. More...
Report 435 Overview of decisions on relief applications
(October 2014 to January 2015)
ASIC – 28 May 2015 – This report aims to improve the
level of transparency and the quality of publicly available
information about decisions ASIC makes when asked to exercise its
discretionary powers to grant relief from provisions of the
Corporations Act 2001 (Corporations Act),
or National Consumer Credit Protection Act 2009
(National Credit Act).
More...
MoneyGram fined by AUSTRAC
MEDIA – 27 May 2015 – The Australian Transaction
Reports and Analysis Centre (AUSTRAC) has issued
the largest fine in its history to remittance provider MoneyGram.
This is the fourth infringement notice issued by AUSTRAC for
contraventions of Australia's anti-money laundering and
counter-terrorism financing (AML/CTF) laws.
More...
SuperStream deadline nearing for
employers
MEDIA – 27 May 2015 – Medium to large employers are
being reminded their June 30 deadline to be SuperStream compliant
is nearing. More...
Fight profit shifting, ACTU tells industry
funds
MEDIA – 27 May 2015 – Union appointed industry super
fund trustees should use their board influence to treat profit
shifting by multi-national companies as a corporate governance
issue and also promote infrastructure investment, delegates at the
2015 ACTU Congress were told yesterday. More...
ASIC updates guidance for externally administered
companies and registered schemes being wound up
ASIC – 27 May 2015 – ASIC today released updated
regulatory guidance for insolvent or financially distressed
companies and registered schemes. ASIC's new instrument also
provides exemption relief from financial reporting to insolvent
registered managed investment schemes.
More...
Government makes super a second term
issue
MEDIA – 26 May 2015 – The Federal Treasurer, Joe
Hockey, has reiterated the Government's resolve that there will
be no changes to the superannuation settings during the life of the
current Parliament.
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ASIC gives planners 5 days to update
register
MEDIA – 26 May 2015 – ASIC has given financial
advisers five days to add details of their qualifications, training
and professional memberships to its Financial Adviser Register
(FAR), ASIC has indicated that failure to include
an adviser or their appropriate details on the FAR will be a breach
of obligations for Australian Financial Services Licensees and may
attract penalties as would the provision on inaccurate or
misleading advice.
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Super Insurance Explained
ASFA – 25 May 2015 – This booklet includes an
eight-step guide through the insurance claim process, handy tips
and information on what a person can do if their claim isn't
approved and they disagree with the decision (25 May 2015). More...
More...
ASIC New Women's Money Toolkit
ASIC – 25 May 2015 – The Money Toolkit is a free
online resource designed to help Australian women manage their
finances, make money decisions at key life stages and enhance their
financial wellbeing. More...
Bank bosses deny responsibility for financial planning
mess
MEDIA – 22 May 2015 – At a recent conference, bank
bosses scrambled to distance themselves from the financial planning
scandals that have rocked their institutions.
More...
New analysis indicates pension changes to hit middle
Australia hardest
ISA – 21 May 2015 – New analysis of the federal
government's proposed changes to the pension shows those on
average incomes or below will suffer the heaviest impact to their
retirement income, with many estimated to lose more than $100,000
over their entire retirement period.
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SCT hits super fund with ECT penalty
MEDIA – 21 May 2015 – A superannuation fund has been
made to pay half the excess contributions tax levied against a
member because it was found to have contributed to the problem.
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Australia's super pool now more than $2
trillion
MEDIA – 21 May 2015 – Australia's total
superannuation assets grew by 3.6% in the first quarter of 2015,
now standing at more than $2 trillion, official data shows. The
latest Australian Prudential Regulation Authority
(APRA) figures also show that total assets in
MySuper products grew by 6.2% over the same period, now reported at
more than $420 billion. More...
APRA levies up, again
MEDIA – 21 May 2015 – The superannuation sector is
facing a rise in the money it contributes to the Financial
Institutions Supervisory Levies, also known as the APRA levy.
More...
ASIC releases first licensing activity
report
ASIC – 20 May 2015 – ASIC today published its first
report on its approach to licence applications to help inform
businesses and individuals wanting to provide financial services or
credit, or register as a liquidator or auditor.
More...
Report 433 Overview of licensing and professional
registration applications: July to December 2014
ASIC – 20 May 2015 – This report sets out recent
regulatory outcomes achieved by ASIC in relation to Australian
financial services (AFS) applications, Australian
credit licence (credit licence) applications,
liquidator registration applications, company auditor and approved
SMSF auditor registration applications.
More...
New Assent – Justice and Community Safety
Legislation Amendment
MEDIA – 20 May 2015 – The
Justice and Community Safety Legislation Amendment Act 2015 No. 11
(ACT) was assented to on 20 May 2015. The objective of the
amending Act is to improve the operation of the principal Acts
without amounting to a major change in policy. Specifically, the
Act amends among other things, the
Public Trustee Act 1985 No. 8 (ACT) by inserting into section
25A (Amounts etc paid by trustee for person under disability) a
provision to allow the public trustee to manage, on behalf of the
person, the funds or property that is invested in a superannuation
fund.
Government finalises new SIV rules
MEDIA – 18 May 2015 – The government announced the
final complying investment design for both the significant
investment visa (SIV – at least $5 million)
and premium investment visa (PIV – at least $15
million) programs on Friday.
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Insurers lose out in proportionate liability
case
MEDIA – 18 May 2015 – Litigants are even more likely
to target defendants who carry insurance after the High Court last
week narrowed the scope of proportionate liability claims. The
Seligs sued in the Federal Court, citing breaches of the
Corporations Act and Australian Securities and Investments
Corporation Act, and the case was appealed to the Full Federal
Court and finally the High Court.
More...
ASIC: 15-092MR Update on Stronger Super
regime
ASIC – 1 May 2015 – Current interim relief so that
licensees do not have to provide a hard copy of the product
dashboard with the periodic statement has been extended to 1 July
2016. The start date for certain disclosures required pursuant to
sub-section 29QB(1) of the Superannuation Industry
(Supervision) Act for standard employer-sponsored sub-plans
has also been deferred until 1 July 2016. Note: As
an additional matter, ASIC has also extended the interim relief in
relation to long-term performance reporting in Class Order 10/630
to 31 December 2015.
More...
Status Update
Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill
2015
Status: Accepting Submissions/Date Referred: 13 May 2015
Submissions Close: 5 June 2015/Reporting Date: 16 June 2015.
Corporations Amendment (Financial Advice) Bill 2014
Status: Accepting Submissions/Date Referred: 5 March 2015
Reporting Date: 11 August 2015.
ASFA Submissions
Submission to APRA: Industry consultation on proposed metrics under the Regulator Performance Framework
Submission to ASIC: Industry consultation on proposed metrics under the Regulatory Performance Framework (22 May)
Submission to AUSTRAC: Industry consultation on proposed metrics under the Regulatory Performance Framework.
FOS reminder: Our process is changing
From 1 July 2015, our process for handling disputes will change.
The new process will help FOS deliver fast, efficient, fair dispute
resolution.
More...
ASFA Conference 2015, 25-27 November,
Brisbane
Amplify your brand at the largest pension event in the world. More...
Legislation
Commonwealth
Bills 28 May 2015
Superannuation Guarantee (Administration) Amendment Bill 2015
Tax Laws Amendment (Small Business Measures No. 1) Bill 2015
Tax Laws Amendment (Small Business Measures No. 2) Bill 2015
Bills 27 May 2015
Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015
Tax and Superannuation Laws Amendment (2015 Measures No. 1) Bill 2015
Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2015
Crimes Legislation Amendment (Penalty Unit) Bill 2015
Acts of Parliament assented to
No. 53 of 2015 – Tax and Superannuation Laws Amendment
(Norfolk Island Reforms) Act 2015 – An Act to amend the
law relating to taxation and superannuation, and for related
purposes. Assented to on 26 May 2015. More...
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.
